Wall Street has long disliked News International, publisher of The Sun and the closed News of the World. The unit accounts for less than 3 percent of News Corporation’s profits and brings outsize troubles. Analysts estimate that the cost of legal fees and settlements related to the hacking crisis could reach $1 billion. News Corporation has a market capitalization of $49 billion.

>>Investors, here’s a new headache: The FBI is looking in to whether New Outdoor Russia, a former News Corp. subsidiary, paid bribes to local officials. Two sentences in this account stand out: 1) “The head of the company, Maxim Tkachev, was shot outside his office in 2002″; 2) “In 2008, News Outdoor Russia’s offices were raided by Russian anticorruption authorities investigating a Moscow city official.”

The copy editors grunted loudest when the dress code police first showed up. They claimed that their winter shorts were perfectly acceptable office wear and, considering the length of their leg hair, nobody would even notice that they weren’t wearing long pants. And the men concurred.